Western Union partners with major financial institutions in Ukraine and CIS

By Joy Dumasia

Western Union, a global leader in cross-border, cross-currency money movement and payments, collaborates with major financial institutions across the Commonwealth of Independent States (CIS) to enable millions of their customers to send and receive cross-border payments through Western Union’s omnichannel network quickly, conveniently and reliably.

Expanding Western Union’s retail network across the region, the company recently launched international money transfers through Nova Poshta, one of Ukraine’s most extensive postal networks. Its non-banking financial institution, NovaPay, has a leading share of 46% of the local money transfer market, with a total of 3,500 locations.

Customers of Monobank in Ukraine can now send money transfers globally, leveraging Western Union’s retail network across more than 200 countries and territories through the bank’s mobile app. Customers can fund their international transfer using their Monobank card, and receivers can pick up their funds from any of Western Union’s approximately 600,000 retail locations. Monobank has seen rapid growth in the Ukrainian market; with an investment in best of class customer support, the FI today has more than 4 million online customers.

Western Union launched international money transfers through Russia’s Sovkombank, one of the country’s top-ten financial institutions, with a customer base of 11 million and a total of 260 locations with further development in the pipeline. The company also launched international money transfers through Kazakhstan’s Jusan Bank and Tajikistan through the country’s International Bank and Rushdi Orien.

There have been three additional activations with important Financial Institutions across the region on the digital side. Customers of Bank Center Credit in Kazakhstan, Kapitalbank in Uzbekistan and Unibank in Azerbaijan can also send international money transfers by integrating Western Union’s platform in the banks’ respective mobile apps.

Massimiliano Alvisini, Western Union’s General Manager for CIS, Europe, and Africa, said: “We are privileged to have already joined forces with top financial institutions and post offices across the CIS, giving millions of their customers flexibility, convenience and trust in their cross-border money transfers and payments. We are constantly expanding our network across the region and integrating our global money movement capabilities to enhance the customer experience of major CIS financial institutions.”

Recently, IBS Intelligence reported that Western Union Business Solutions, the payments arm of The Western Union Company, a global leader in cross-border, cross-currency money movement and payments, has partnered with climate and sustainability pioneer Gold Standard to provide a Green Hedging offering for all types of organisations.